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No Individual charges In probe of JP Morgan

The top US securities regulator doesn't intend to charge any individuals in its planned enforcement action against JP Morgan Chase for the allegedly fraudulent sale of mortgage bonds though the bank will pay a significant financial penalty under the proposed deal, which has been approved by Securities and Exchange Commission staff but not by the agency's five commissioners.

The JP Morgan deal is expected to be the first in a series of SEC enforcement actions related to Wall Street's manufacture and sale of mortgage-backed securities. But the landmark deal could revive a long-running argument about whether the authorities have let too many individuals go unpunished.